Target Group Inc. (CBDY): debt financing — Target Group receives additional CDN$500k loan from CEO's brother at 43.26% annual interest

Target Group Inc.

Entered Eighth Amending Agreement; lender (brother of CEO) advanced additional CDN$500,000 under existing loan.
Entire principal plus accrued interest due by September 28, 2023.
Interest rate of 3.0416% per month (43.26% per annum).
Lender's fee of CDN$50,000 deducted from advance.
Loan is a related-party transaction; CEO Anthony Zarcone's brother is lender.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Target Group Inc. incurred loan of CDN$500,000.00 Advance with private individual who is the brother of the Company's Chief Executive Officer, Anthony Zarcone at 3.0416% per month (43.26% per annum) maturing September 28, 2023.

Instrument: loan
Principal: CDN$500,000.00 Advance
Counterparty: private individual who is the brother of the Company's Chief Executive Officer, Anthony Zarcone
Rate: 3.0416% per month (43.26% per annum)
Maturity: September 28, 2023
Event: incurrence

Exact text from the filing

Effective March 28 2023, the Company and Lender entered into a Eighth Amending Agreement pursuant to which the Lender advanced the Company an additional CDN$500,000.00 (“Advance”) under the Original Loan.

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Target Group Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-040103

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